exposure draft - treasury.gov.au · exposure draft exposure draft 2 1 schedule 1—miscellaneous...

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Inserts for 2

Treasury Laws Amendment (Measures 3

for a later sitting) Bill 2019: 4

miscellaneous amendments 5

6

7

Commencement information

Column 1 Column 2 Column 3

Provisions Commencement Date/Details

1. Schedule 1,

Part 1

The day after this Act receives the Royal

Assent.

2. Schedule 1,

Part 2

The first 1 January, 1 April, 1 July or

1 October to occur after the day this Act

receives the Royal Assent.

3. Schedule 1,

Part 3

The first 1 January, 1 April, 1 July or

1 October to occur after the end of the

period of 60 days beginning on the day this

Act receives the Royal Assent.

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Schedule 1—Miscellaneous amendments 1

Part 1—Amendments commencing day after Royal 2

Assent 3

Australian Securities and Investments Commission Act 2001 4

1 Subsection 8(2) (note) 5

Repeal the note. 6

2 After paragraph 127(4)(e) 7

Insert: 8

or (f) if the information relates to a relevant provider (within the 9

meaning of Part 7.6 of the Corporations Act 2001)—will 10

enable or assist a monitoring body (within the meaning of 11

that Part) for a compliance scheme (within the meaning of 12

that Part) that covers the relevant provider to perform its 13

functions or exercise its powers under that Part; 14

3 Part 23 (the Part 23 inserted by item 2 of Schedule 2 to the 15

Treasury Laws Amendment (2017 Measures No. 1) Act 16

2017) 17

Renumber as Part 24. 18

4 Section 302 (the section 302 inserted by item 2 of 19

Schedule 2 to the Treasury Laws Amendment (2017 20

Measures No. 1) Act 2017) 21

Renumber as section 308. 22

5 Section 315 (the section 315 inserted by item 9 of 23

Schedule 1 to the Treasury Laws Amendment (ASIC 24

Governance) Act 2018) 25

Renumber as section 314A. 26

6 Part 26 (the Part 26 inserted by item 1 of Schedule 12 to the 27

Treasury Laws Amendment (Australian Consumer Law 28

Review) Act 2018) 29

Renumber as Part 26A. 30

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7 In the appropriate position 1

Insert: 2

Part 29—Application provisions relating to the 3

Treasury Laws Amendment (Measures for 4

a later sitting) Act 2019 5

6

326 Application—authorised disclosure to monitoring body 7

The amendment of section 127 of this Act made by item 2 of 8

Schedule 1 to the Treasury Laws Amendment (Measures for a later 9

sitting) Act 2019 applies in relation to disclosures of information 10

made on or after the commencement of that item, whether ASIC 11

obtained the information before, on or after that commencement. 12

Competition and Consumer Act 2010 13

8 Paragraph 8A(6)(b) 14

After “a matter”, insert “, or a class of matters,”. 15

9 Subsection 19(2) 16

Repeal the subsection, substitute: 17

(2) Without limiting subsection 33(3AB) of the Acts Interpretation Act 18

1901, a direction may: 19

(a) specify a particular matter in relation to which the Division is 20

to exercise the powers of the Commission; or 21

(b) specify a class of matters in relation to which the Division is 22

to exercise the powers of the Commission from time to time. 23

(2A) The Chairperson may vary or revoke a direction: 24

(a) if the direction specifies a particular matter under 25

paragraph (2)(a)—at any time before the Division makes a 26

determination in relation to the matter; or 27

(b) otherwise—at any time. 28

(2B) If a direction is varied to change the membership of the Division, 29

the Division as constituted after the change may continue and 30

complete the determination of any matter that the Division was 31

dealing with before the change. 32

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10 After subsection 19(3) 1

Insert: 2

(3A) However, a direction under subsection (1) specifying a matter, or a 3

class of matters, in relation to which a Division is to exercise the 4

powers of the Commission does not prevent the Commission 5

dealing with that matter, or a matter in that class of matters, 6

otherwise than in the Division. 7

11 At the end of section 19 8

Add: 9

(8) A direction given under subsection (1) is not a legislative 10

instrument. 11

12 Subsection 51ADE(2) 12

Omit “The Commission”, substitute “A member of the Commission”. 13

13 At the end of section 51ADE 14

Add: 15

(3) Subsection (2) does not affect any operation that subsection 33(3) 16

of the Acts Interpretation Act 1901 has in relation to a notice under 17

section 51ADD of this Act. 18

Delegation 19

(4) A member of the Commission may, by writing, delegate the 20

member’s powers under subsection (2) to a member of the staff of 21

the Commission who is an SES employee or an acting SES 22

employee. 23

Note 1: Section 2B of the Acts Interpretation Act 1901 contains the definitions 24

of SES employee and acting SES employee. 25

Note 2: Sections 34AA to 34A of the Acts Interpretation Act 1901 contain 26

provisions relating to delegations. 27

(5) In performing a function, or exercising a power, under a 28

delegation, the delegate must comply with any directions of the 29

member. 30

14 Subsection 93AB(9) 31

After “subsection”, insert “(1A) or”. 32

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15 After subsection 95ZK(3) 1

Insert: 2

(3A) A member of the Commission may vary a notice under 3

subsection (1) to extend, or further extend, the period. 4

(3B) Subsection (3A) does not affect any operation that subsection 33(3) 5

of the Acts Interpretation Act 1901 has in relation to a notice under 6

subsection (1) of this section. 7

16 At the end of section 95ZK 8

Add: 9

Delegation 10

(10) A member of the Commission may, by writing, delegate the 11

member’s powers under subsection (3A) to a member of the staff 12

of the Commission who is an SES employee or an acting SES 13

employee. 14

Note 1: Section 2B of the Acts Interpretation Act 1901 contains the definitions 15

of SES employee and acting SES employee. 16

Note 2: Sections 34AA to 34A of the Acts Interpretation Act 1901 contain 17

provisions relating to delegations. 18

(11) In performing a function, or exercising a power, under a 19

delegation, the delegate must comply with any directions of the 20

member. 21

Corporations Act 2001 22

17 Paragraph 5.3 of the small business guide in Part 1.5 23

Omit “10 years”, substitute “15 years”. 24

18 Paragraph 422C(1)(c) 25

Repeal the paragraph, substitute: 26

(c) a registered liquidator (the new controller): 27

(i) is appointed instead as the controller of that property of 28

the corporation; or 29

(ii) if the corporation is a company under external 30

administration—is appointed instead as the external 31

administrator of the company; or 32

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(iii) if subparagraphs (i) and (ii) do not apply and the 1

corporation is a company under external 2

administration—is the external administrator of the 3

company. 4

19 Subsection 422C(2) 5


Transfer of books to new controller 7

(2) The former controller must transfer to the new controller 8

possession or control of any books relating to the control of the 9

property that are in the former controller’s possession or control. 10

(2A) The transfer must be made: 11

(a) if the new controller is appointed instead of the former 12

controller—within 5 business days after the new controller is 13

appointed; or 14

(b) otherwise—within 5 business days after the former controller 15

ceases to act. 16

20 Subsection 445HA(1) 17

Omit “The notice must be in the prescribed form.”. 18

21 Subsection 445HA(2) 19

Omit “The notice must be in the prescribed form.”, substitute “The 20

notice must be lodged with ASIC and must be in the prescribed form (if 21

any).”. 22

22 Section 760B (after table item 10) 23

Insert: 24

10A 7.10A authorisation and regulation of an external dispute resolution

scheme for financial complaints

additional provisions relating to superannuation complaints


Before “any”, insert “all or”. 26

24 Paragraphs 1053(4)(a), (b) and (c) 27

Omit “self-managed superannuation fund”, substitute “self managed 28

superannuation fund”. 29

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25 Subsection 1101J(1) 1

Before “any”, insert “all or”. 2

26 Subsection 1345A(1) 3

Omit “such of the Minister’s functions and powers under this Act as are 4

prescribed”, substitute “all or any of the Minister’s functions and 5

powers under this Act that are prescribed by the regulations for the 6

purposes of this subsection”. 7

27 After subsection 1345A(1) 8

Insert: 9

(1AA) If: 10

(a) under subsection (1), the Minister delegates to an officer of 11

the Department all of the Minister’s functions and powers 12

that are prescribed for the purposes of that subsection; and 13

(b) the regulations are amended to prescribe one or more 14

additional functions or powers for the purposes of that 15

subsection; and 16

(c) the delegation is in force immediately before the amendment 17

takes effect; 18

then, on and after the amendment taking effect, the delegation is 19

taken to include the additional functions or powers. 20

28 In the appropriate position in Chapter 10 21

Insert: 22

Part 10.40—Transitional provisions relating to the 23

Treasury Laws Amendment (Measures for 24

a later sitting) Act 2019 25

26

1667 Transitional—delegations 27

(1) The amendments of sections 890C, 1101J and 1345A made by 28

items 23, 25, 26 and 27 of Schedule 1 to the Treasury Laws 29

Amendment (Measures for a later sitting) Act 2019 do not affect a 30

delegation in effect for the purposes of any of those sections 31

immediately before the commencement of those items. 32

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(2) Despite the amendment of subsection 1345A(1) made by item 26 1

of that Schedule, regulations in force for the purposes of that 2

subsection immediately before the commencement of that item 3

continue in force, on and after that commencement, for the 4

purposes of that subsection. 5

29 Paragraph 90-26(4)(c) of Schedule 2 6

After “Court under”, insert “subsection 90-23(6) or”. 7

International Monetary Agreements Act 1947 8

30 Section 3 (note to the definition of IMF loan agreement 9

2016) 10

Repeal the note, substitute: 11

Note: The Loan Agreement is in Australian Treaty Series 2017 No. 41 12

([2017] ATS 41) and could in 2019 be viewed in the Australian 13

Treaties Library on the AustLII website (http://www.austlii.edu.au). 14

31 Section 3 (at the end of the definition of New 15

Arrangements to Borrow) 16

Add: 17

Note: The decision referred to in paragraph (d) is in Australian Treaty Series 18

2017 No. 42 ([2017] ATS 42) and could in 2019 be viewed in the 19

Australian Treaties Library on the AustLII website 20

(http://www.austlii.edu.au). 21

National Consumer Credit Protection Act 2009 22

32 Paragraphs 100(6)(a) and (b) 23

Repeal the paragraphs, substitute: 24

(a) if the credit service licensee is a body corporate to which 25

section 323D of the Corporations Act 2001 applies—a 26

financial year of the body corporate (within the meaning of 27

that section); and 28

(b) in any other case—a year ending on 30 June. 29

33 Paragraph 151(d) 30

Omit “section 130”, substitute “section 153”. 31

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34 Paragraph 263(d) 1

Omit “a contravention” (wherever occurring), substitute “an alleged or 2

suspected contravention”. 3

35 Subsection 50(8) of the National Credit Code (definition of 4

relevant limit) 5

Omit “the Bankruptcy Regulations 1966 for the purposes of 6

subparagraph 116(2)(c)(i) of the Bankruptcy Act 1966”, substitute 7

“regulations made under the Bankruptcy Act 1966 for the purposes of 8

subparagraph 116(2)(c)(i) of that Act”. 9

36 Paragraph 150(1)(b) of the National Credit Code 10

After “is included”, insert “or required to be included”. 11

37 After subsection 150(3) of the National Credit Code 12

Insert: 13

(3A) Subsection (3) does not apply if the credit would, if provided as 14

advertised, be provided under a small amount credit contract. 15

National Consumer Credit Protection (Transitional and 16

Consequential Provisions) Act 2009 17

38 Subsection 2(1) (table item 4) 18

Repeal the item. 19



(4) Subsection 12(2) (retrospective application of legislative 22

instruments) of the Legislation Act 2003 does not apply to 23

regulations made under this section. 24

40 Paragraph 6(5)(a) 25


(a) regulations are expressed to commence on a date (the 27

registration date) before the regulations are registered under 28

the Legislation Act 2003; and 29

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41 Subitem 41(6) of Schedule 2 1

Omit “Legislative Instruments Act 2003”, substitute “Legislation Act 2

2003”. 3


Omit “one-fourtieth”, substitute “one-fortieth”. 5

43 Schedule 3 6

Repeal the Schedule. 7

44 In the appropriate position 8

Insert: 9

Schedule 10—Application provisions for the 10


for a later sitting) Act 2019 12

13

1 Application—exercise of information-gathering powers 14

The amendment made by item 34 of Schedule 1 to the Treasury Laws 15

Amendment (Measures for a later sitting) Act 2019 applies on and after 16

the commencement of that item in relation to a contravention that is 17

alleged or suspected to have occurred before, on or after that 18

commencement. 19

Product Grants and Benefits Administration Act 2000 20

45 Subparagraph 9(3A)(b)(i) 21

Before “recycling”, insert “oil”. 22

46 After paragraph 9(3A)(b) 23

Insert: 24

(ba) except in relation to registration for entitlement only to 25

product stewardship (oil) benefits under subsection 9(3) of 26

the Product Stewardship (Oil) Act 2000—satisfy the 27

following conditions: 28

(i) you comply with relevant Commonwealth, State or 29

Territory legislation relating to oil recycling operations 30

or enterprises; 31

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(ii) the Commissioner has not been informed by a 1

Department, agency or authority of the Commonwealth, 2

a State or a Territory that is responsible for the 3

administration of any such legislation that you do not 4

comply with the legislation; and 5

47 Application—registration for grants and benefits 6

(1) The amendments made by items 45 and 46 apply in relation to 7

applications made under section 9 of the Product Grants and Benefits 8

Administration Act 2000 on or after the commencement of this Part. 9

(2) Regulations made for the purposes of paragraph 9(3A)(b) of that Act 10

and in force immediately before the commencement of this Part 11

continue to apply in relation to applications made under section 9 of that 12

Act before the commencement of this Part. 13

Superannuation Industry (Supervision) Act 1993 14

48 After section 16 15

Insert: 16

17 Persons involved in a contravention 17

For a contravention that is not an offence, a person is involved in 18

the contravention if, and only if, the person: 19

(a) has aided, abetted, counselled or procured the contravention; 20

or 21

(b) has induced, whether by threats or promises or otherwise, the 22

contravention; or 23

(c) has been in any way, by act or omission, directly or 24

indirectly, knowingly concerned in, or party to, the 25

contravention; or 26

(d) has conspired with others to effect the contravention. 27

49 Application—persons involved in a contravention 28

The amendment made by item 48 applies in relation to contraventions 29

happening on or after the commencement of this Part. 30

50 Paragraph 99G(1)(b) 31


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(b) a member of the fund: 1

(i) holds the product on the last day of a year of income of 2

the fund and, on that day, has an account balance with 3

the fund that relates to the product that is less than 4

$6,000; or 5

(ii) holds the product on one or more days during a year of 6

income of the fund and, on the last of those days, has an 7

account balance with the fund that relates to the product 8

that is less than $6,000. 9

51 Section 194 10

After “this Act”, insert “that is not an offence”. 11

Superannuation (Unclaimed Money and Lost Members) Act 12

1999 13


Repeal the subsection. 15

53 Subparagraph 20QA(1)(a)(viii) 16

Omit “68AAA(7)”, substitute “68AAA(2), (7)”. 17

54 Application—unclaimed money days 18

The amendment of subparagraph 20QA(1)(a)(viii) made by item 53 19

applies in relation to unclaimed money days that occur on or after 20

30 June 2019. 21

55 Subparagraph 20QA(1A)(b)(iv) 22

Omit “Commissioner, declared”, substitute “superannuation provider, 23

elected”. 24

56 Subparagraph 20QA(1A)(b)(iv) 25

Omit “account;”, substitute “account.”. 26

57 Subparagraph 20QA(1A)(b)(v) 27

Repeal the subparagraph. 28

58 Subsection 20QB(3) 29


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Treasury Laws Amendment (2018 Measures No. 4) Act 2019 3

60 Subsection 2(1) (table item 4) 4

Repeal the item, substitute: 5

6

4. Schedule 3,

Part 2

The later of:

(a) immediately after the commencement of

Part 1 of Schedule 1 to the Treasury

Laws Amendment (Measures for a later

sitting) Act 2019; and

(b) immediately after the commencement of

Schedule 7 to the Treasury Laws

Amendment (2019 Tax Integrity and

Other Measures No. 1) Act 2019.

However, the provisions do not commence

at all if the event mentioned in paragraph (b)

does not occur.

7

Treasury Laws Amendment (Protecting Your 8

Superannuation Package) Act 2019 9


Omit “item 8”, substitute “item 30”. 11

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Part 2—Amendments commencing first day of the 1

next quarter 2

Fringe Benefits Tax Assessment Act 1986 3


Omit “a taxi”, substitute “a car used for taxi travel (other than a 5

limousine)”. 6

63 Subparagraph 8(2)(a)(i) 7

Omit “taxi,”. 8

64 After subparagraph 8(2)(a)(i) 9

Insert: 10

(ia) used for taxi travel, designed to carry a load of less than 11

1 tonne, and not a limousine; or 12

65 Subparagraph 47(6)(aa)(i) 13

Omit “a taxi”, substitute “a car used for taxi travel (other than a 14

limousine)”. 15

66 Subsections 58Z(1) and (2) 16

After “taxi travel”, insert “(otherwise than by limousine)”. 17

67 Subsection 136(1) (paragraph (p) of the definition of fringe 18

benefit) 19


(p) a payment made, or liability incurred, to a person to the 21

extent that the payment or liability is non-assessable 22

non-exempt income (within the meaning of the Income Tax 23

Assessment Act 1997) of the person because of 24

subsection 26-35(4) of that Act; or 25

68 Subsection 136(1) (definition of taxi) 26

Repeal the definition. 27


Insert: 29

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taxi travel has the meaning given by the A New Tax System (Goods 1

and Services Tax) Act 1999. 2

70 Application—fringe benefits tax 3

(1) The amendments of the Fringe Benefits Tax Assessment Act 1986 made 4

by items 62, 63, 64, 65, 66, 68 and 69 apply in relation to the provision 5

of a fringe benefit on or after the day after the day on which this Act 6

receives the Royal Assent. 7

(2) The amendment of paragraph (p) of the definition of fringe benefit in 8

subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 made 9

by item 67 applies, and is taken to have applied, to the FBT year 10

starting on 1 April 2014 and to later FBT years. 11

Income Tax Assessment Act 1997 12

71 Subsection 30-45(2) (table item 4.2.10) 13

Omit “the Royal Society for the Prevention of Cruelty to Animals 14

Western Australia (Incorporated)”, substitute “the Royal Society for the 15

Prevention of Cruelty to Animals, Western Australia”. 16

72 Application—welfare and rights recipients 17

The amendment made by item 71 applies in relation to gifts or 18

contributions made on or after 24 July 2018. 19

73 Subsection 30-248(5) 20

Omit “section 30-249A, 30-249B or 30-249C”, substitute 21

“section 30-249A or 30-249B”. 22

74 Subsection 30-248(5) (note) 23

Omit “Sections 30-249A, 30-249B and 30-249C”, substitute 24

“Sections 30-249A and 30-249B”. 25

75 Section 30-249C 26

Repeal the section. 27

76 Subparagraph 70-10(2)(b)(i) 28

Omit “*complying superannuation fund, a *complying approved deposit 29

fund or a *pooled superannuation trust”, substitute “*complying 30

superannuation entity”. 31

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77 Section 109-60 (table item 12) 1

Omit “complying superannuation fund, complying approved deposit 2

fund or pooled superannuation trust”, substitute “a complying 3


78 Section 112-97 (table item 14) 5

Omit “complying superannuation fund, complying approved deposit 6

fund or pooled superannuation trust”, substitute “a complying 7


79 At the end of section 166-230 9

Add: 10

Acquisition of tested company by new interposed entity 11

(5) If: 12

(a) a new entity (the new interposed entity) acquires all the 13

*shares and other interests in the tested company; and 14

(b) assuming that the time immediately before the acquisition 15

had been an *ownership test time, section 166-225 would 16

have applied the tests to the tested company as if there were a 17

single notional entity as described in subsection 166-225(2) 18

in respect of some or all of the *voting stakes, *dividend 19

stakes or *capital stakes in the tested company; and 20

(c) the new interposed entity has the same classes of shares or 21

other interests as the tested company; and 22

(d) in a case where the new interposed entity is a company—the 23

shares are not *redeemable shares; and 24

(e) in any case—each entity that held a proportion of the voting 25

stakes, dividend stakes or capital stakes in the tested 26

company immediately before the acquisition (disregarding 27

section 166-225) holds the same proportion of that kind of 28

stake in the new interposed entity immediately after the 29

acquisition; 30

then, at all times that the single notional entity mentioned in 31

paragraph (b) held or is taken to have held a stake in the tested 32

company, the new interposed entity is taken to have held that stake. 33

(6) Except for the purposes of determining whether a time is an 34

alteration time (within the meaning of section 165-115L), 35

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section 166-272 (which is about the same shares or interests) is to 1

be disregarded when applying subsection (5) of this section. 2

Small shareholdings in new interposed entity 3

(7) For the purposes of subsections (3) and (5), disregard *shares in the 4

new interposed entity that are held by entities other than the 5

stakeholders referred to in paragraph (3)(d) or the entities referred 6

to in paragraph (5)(e) if: 7

(a) there are fewer than 5 such shares; and 8

(b) the *market value of those shares expressed as a percentage 9

of the market value of all the shares in the new interposed 10

entity is such that it is reasonable to treat all the shares in the 11

new interposed entity as being owned by stakeholders 12

referred to in paragraph (3)(d) or entities referred to in 13

paragraph (5)(e). 14

80 At the end of section 166-270 15

Add: 16

Acquisition of tested company by new interposed entity—minimum 17

control of voting power 18

(3) If: 19

(a) the *ownership test time is after the start of the *test period; 20

and 21

(b) at the start of the test period, a single notional entity 22

mentioned in section 166-225 had voting power in a 23

company (disregarding subsection 166-230(5)); and 24

(c) under subsection 166-230(5), a new interposed entity is taken 25

to have held that voting power at the start of the test period; 26

and 27

(d) at the ownership test time, the voting power in the company 28

held indirectly by stakeholders covered by 29

subsection 166-230(1) is greater than the voting power that 30

the single notional entity had at the start of the test period; 31

then the stakeholders referred to in paragraph (d) are, collectively, 32

taken to have indirect voting power in the company at the 33

ownership test time only to the extent that the single notional entity 34

had it at the start of the test period. 35

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Acquisition of tested company by new interposed entity—minimum 1

percentage of rights to dividends and capital 2

(4) If: 3

(a) the *ownership test time is after the start of the *test period; 4

and 5

(b) at the start of the test period, a single notional entity 6

mentioned in section 166-225 had a percentage of rights to 7

the *dividends or distributions of capital of a company 8

(disregarding subsection 166-230(5)); and 9

(c) under subsection 166-230(5), a new interposed entity is taken 10

to have had those rights at the start of the test period; and 11

(d) the percentage that stakeholders covered by 12

subsection 166-230(1) have rights to indirectly at the 13

ownership test time is greater than the percentage (the lower 14

percentage) of the dividends or distributions of capital of the 15

company that the single notional entity had rights to at the 16

start of the test period; 17

then the stakeholders referred to in paragraph (d) are, collectively, 18

taken to have indirect rights to the lower percentage of the 19

dividends or distributions of capital at the ownership test time. 20

81 Application—acquisition of tested company by interposed 21

entity 22

(1) The amendment made by item 79 applies to an acquisition referred to in 23

subsection 166-230(3) or (5) of the Income Tax Assessment Act 1997 24

that occurs, or occurred, on or after 1 July 2018. 25

(2) The amendment made by item 80 applies to an acquisition referred to in 26

subsection 166-230(5) of the Income Tax Assessment Act 1997 that 27

occurs, or occurred, on or after 1 July 2018. 28

82 Paragraph 207-45(d) 29

Repeal the paragraph (not including the note), substitute: 30

(d) the trustee of a *complying superannuation entity, a 31

*non-complying superannuation fund or a *non-complying 32

approved deposit fund in relation to that income year. 33

83 Subparagraphs 210-70(1)(b)(i) to (iii) 34

Repeal the subparagraphs, substitute: 35

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(i) the trustee of an entity that is a *complying 1

superannuation entity in relation to the income year in 2

which the distribution is made and is not a *self 3

managed superannuation fund; or 4

84 Subparagraph 210-170(1)(b)(ii) 5

Repeal the subparagraph, substitute: 6

(ii) a trustee (other than the trustee of a *complying 7

superannuation entity, a *non-complying superannuation 8

fund or a *non-complying approved deposit fund); and 9

85 Paragraphs 210-170(2)(a) to (c) 10


(a) the trustee of an entity that is a *complying superannuation 12

entity in relation to the income year in which the *distribution 13

is made and is not a *self managed superannuation fund; 14

86 Paragraph 230-460(11)(b) 15


(b) a right or obligation arising from an interest in: 17

(i) a *complying superannuation entity; or 18

(ii) a *non-complying superannuation fund or 19

*non-complying approved deposit fund; or 20

(iii) an *RSA. 21

87 Subparagraph 292-102(1)(d)(ii) 22

Omit “had you held the old interest”, substitute “had you *acquired the 23

old interest on or after 20 September 1985 and held it”. 24

88 Paragraph 292-102(3)(b) 25

After “already covered under this section”, insert “, because of the 26

disposal of the old interest or any related spousal interest to the old 27

interest,”. 28

89 Application—downsizer contributions 29

The amendments made by items 87 and 88 apply in relation to a 30

disposal of an ownership interest in a dwelling if the contract for the 31

disposal is or was entered into on or after 1 July 2018. 32

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90 After subsection 292-102(3) 1

Insert: 2

(3A) In working out an amount of *capital proceeds for the purposes of 3

paragraph (3)(b), disregard section 116-30 to the extent that it has 4

the effect of increasing the amount. 5

91 Application—capital proceeds for downsizer contributions 6

The amendment made by item 90 applies in relation to a disposal of an 7

ownership interest in a dwelling if the contract for the disposal is 8

entered into on or after the day this Act receives the Royal Assent. 9

92 Subsection 295-10(1) (method statement, steps 4 and 5) 10

Repeal the steps, substitute: 11

Step 4. For a *complying superannuation entity, work out the 12

*low tax component and *non-arm’s length component of 13

the entity’s taxable income. 14

Step 5. Apply the applicable rates as set out in the Income Tax 15

Rates Act 1986 to: 16

(a) if step 4 applies to the entity—the components 17

worked out under that step; or 18

(b) otherwise—the entity’s taxable income. 19

93 Subsection 295-25(1) 20

Omit “*complying superannuation fund, *complying approved deposit 21

fund or *pooled superannuation trust”, substitute “*complying 22


94 Subsection 295-85(1) 24


(1) The modifications in subsection (2) apply if a *CGT event happens 26

involving a *CGT asset that was owned by a *complying 27

superannuation entity just before the time of the event. 28

95 Subsection 295-90(1) 29


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21

(1) This section applies to the trustee of a *complying superannuation 1

entity. 2

96 Section 295-105 3

Omit “*complying superannuation fund, *complying approved deposit 4

fund or *pooled superannuation trust”, substitute “*complying 5


97 Section 295-105 (note) 7

Omit “These entities will not be subject to any tax liability when they 8

dispose”, substitute “The entity will not be subject to any tax liability 9

when it disposes”. 10

98 Paragraph 295-173(a) 11




99 Subsection 295-545(1) 15


(1) The taxable income of a *complying superannuation entity is split 17

into a *non-arm’s length component and a *low tax component. 18

Note: A concessional rate applies to the low tax component, while the 19

non-arm’s length component is taxed at the highest marginal rate. The 20

rates are set out in the Income Tax Rates Act 1986. 21

100 Subsection 295-550(1) 22





Omit “complying superannuation funds, complying approved deposit 27

funds and pooled superannuation trusts”, substitute “complying 28

superannuation entities”. 29

102 Subparagraph 328-430(1)(d)(ii) 30

After “income year”, insert “, or would be satisfied in that income year 31

if paragraph 152-10(1AA)(b) were disregarded”. 32

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22

103 Application—small business roll-over 1

The amendment made by item 102 applies to: 2

(a) the transfer of a depreciating asset if the balancing 3

adjustment event arising from the transfer occurs or occurred 4

on or after 1 July 2016; or 5

(b) the transfer of trading stock or a revenue asset if the transfer 6

occurs or occurred on or after 1 July 2016; or 7

(c) the transfer of a CGT asset (other than a depreciating asset, 8

trading stock or a revenue asset) if the CGT event arising 9

from the transfer occurs or occurred on or after 1 July 2016. 10

104 Section 705-55 11

Omit “705-50”, substitute “705-47”. 12

105 Subsection 705-75(1A) (heading) 13

Repeal the heading, substitute: 14

Reduction for future deduction 15

106 Subsection 705-75(1A) 16

Omit “This section”, substitute “Subsection (1)”. 17

107 Subsection 705-75(1) (heading) 18

Repeal the heading. 19

108 Application—liabilities of joining entity 20

The amendments made by items 105, 106 and 107 apply in relation to 21

an entity that becomes a subsidiary member of a consolidated group or 22

MEC group if the arrangement under which the entity becomes a 23

subsidiary member of the group commences on or after 1 July 2016. 24

Note: For the commencement of these arrangements, see Part 8 of Schedule 1 to the Treasury 25

Laws Amendment (Income Tax Consolidation Integrity) Act 2018. 26

109 Paragraph 716-440(1)(e) 27

Omit “subsection (2)”, substitute “subsection (3)”. 28

110 Section 727-125 29

Repeal the section, substitute: 30

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23

727-125 No consequences if losing entity is a superannuation entity 1

etc. 2

An *indirect value shift has no consequences under this Division if 3

the *losing entity is one of the following in relation to the income 4

year in which the indirect value shift happens: 5

(a) a *complying superannuation entity; 6

(b) a *non-complying superannuation fund; 7

(c) a *non-complying approved deposit fund. 8

111 Section 768-10 9

Omit “a foreign resident”, substitute “not a Part X Australian resident 10

(within the meaning of Part X of the Income Tax Assessment Act 11

1936)”. 12

112 Application—foreign equity distributions 13

The amendment made by item 111 applies to distributions or non-share 14

dividends made on or after the commencement of Schedule 2 to the Tax 15

and Superannuation Laws Amendment (2014 Measures No. 4) Act 16

2014. 17

Note: Schedule 2 to the Tax and Superannuation Laws Amendment (2014 Measures No. 4) Act 18

2014 commenced on 17 October 2014. 19

113 Paragraph 815-135(2)(a) 20

Omit “subject to paragraph (aa),”. 21

114 Paragraph 815-135(2)(a) 22

Omit “22 July 2010”, substitute “19 May 2017”. 23

115 Paragraph 815-135(2)(aa) 24

Repeal the paragraph. 25

116 Application—guidance for identifying arm’s length 26

conditions 27

The amendments made by items 113, 114 and 115 apply for the 28

purposes of identifying conditions operating on or after the 29

commencement of this Part. 30

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24

117 Subsection 995-1(1) (paragraph (a) of the definition of 1

complying superannuation life insurance policy) 2


(a) is held by the trustee of a *complying superannuation entity; 4

or 5

118 Subsection 995-1(1) (definition of Employment Secretary) 6

Omit “administered by the Minister administering the Fair Work (State 7

Referral and Consequential and Other Amendments) Act 2009”, 8

substitute “responsible for employment policy”. 9

119 Subsection 995-1(1) 10

Insert: 11

foreign service of document request has the meaning given by 12

section 263-60 in Schedule 1 to the Taxation Administration Act 13

1953. 14

Income Tax (Transitional Provisions) Act 1997 15

120 Section 40-830 16

Renumber as section 40-840. 17

Taxation Administration Act 1953 18

121 Section 8AAZA (at the end of the definition of credit) 19

Add: 20

; and (c) an amount that the Commissioner determines under 21

section 8AAZAB to be an amount the Commissioner must 22

pay to a taxpayer under a taxation law. 23

122 Section 8AAZA (definition of primary tax debt) 24

Repeal the definition, substitute: 25

primary tax debt means: 26

(a) an amount due to the Commonwealth by an entity directly 27

under a taxation law (other than, except in Division 4, the 28

Product Grants and Benefits Administration Act 2000), 29

including any such amount that is not yet payable; or 30

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25

(b) an amount that the Commissioner determines under 1

section 8AAZAA to be an amount due to the 2

Commonwealth. 3

123 Section 8AAZA (paragraph (b) of the definition of RBA 4

deficit debt) 5


(b) payments made in respect of current or anticipated primary 7

tax debts of the entity that have been allocated to the RBA; 8

and 9

(c) any credits to which the entity is entitled under a taxation law 10

that have been allocated to the RBA (disregarding any credits 11

that have already been allocated to the RBA under 12

paragraph (a)). 13

Note: For paragraph (c), a credit may have already been allocated to the 14

RBA under paragraph (a) as a part of a primary tax debt determined 15

by the Commissioner under section 8AAZAA. 16

124 Section 8AAZA (paragraph (b) of the definition of RBA 17

surplus) 18


(b) payments made in respect of current or anticipated primary 20

tax debts of the entity that have been allocated to the RBA; 21

and 22

(c) any credits to which the entity is entitled under a taxation law 23

that have been allocated to the RBA (disregarding any credits 24

that have already been allocated to the RBA under 25

paragraph (a)). 26

Note: For paragraph (c), a credit may have already been allocated to the 27

RBA under paragraph (a) as a part of a primary tax debt determined 28

by the Commissioner under section 8AAZAA. 29

125 After section 8AAZA 30

Insert: 31

8AAZAA Amount due to the Commonwealth 32

For the purposes of paragraph (b) of the definition of primary tax 33

debt in section 8AAZA, the Commissioner may determine an 34

amount (including a nil amount) due to the Commonwealth by an 35

entity that is: 36

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26

(a) the sum of some or all of the amounts covered by 1

paragraph (a) of that definition for the entity; or 2

(b) the balance of: 3

(i) the sum of some or all of the amounts covered by 4

paragraph (a) of that definition for the entity; less 5

(ii) the sum of some or all of the credits to which the entity 6

is entitled to under a taxation law. 7

8AAZAB Amount payable by the Commonwealth 8

For the purposes of paragraph (c) of the definition of credit in 9

section 8AAZA, the Commissioner may determine an amount 10

(including a nil amount) that the Commissioner must pay to an 11

entity that is: 12

(a) the sum of some or all of the amounts covered by 13

paragraph (a) or (b) of that definition for the entity; or 14

(b) the balance of: 15

(i) the sum of some or all of the amounts covered by 16

paragraph (a) or (b) of that definition for the entity; less 17

(ii) the sum of some or all of the amounts due to the 18

Commonwealth by the entity under a taxation law. 19

126 Subsection 8AAZD(1) 20

Omit “debt to an RBA that has been established for that type of tax 21

debt”, substitute “debt, that has not already been allocated under this 22

section, to an RBA that has been established for that type of tax debt or 23

debts”. 24

127 Subsection 8AAZD(1) (note) 25

Omit “Note”, substitute “Note 1”. 26

128 At the end of subsection 8AAZD(1) 27

Add: 28

Note 2: A primary tax debt to be allocated to an RBA may be: 29

(a) a single amount due under a taxation law; or 30

(b) an amount determined under section 8AAZAA from several 31

amounts due under taxation laws. 32

129 After section 8AAZD 33

Insert: 34

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27

8AAZDA Reallocation of primary tax debts between RBAs 1

(1) This section applies to a primary tax debt that has already been 2

allocated to an RBA of an entity. 3

(2) The Commissioner may reallocate the primary tax debt, in whole 4

or in part, to any RBA of the entity that has been established for 5

that type of tax debt in the manner the Commissioner determines. 6

130 After section 8AAZF 7

Insert: 8

8AAZFA Transfer of RBA balance 9

The Commissioner may determine that the balance of an RBA of 10

an entity be transferred, in whole or in part, to any other RBA that 11

has been established for the entity. 12

8AAZFB Transfer of other account balance 13

(1) This section applies if the Commissioner has allocated one or more 14

primary tax debts to an account (a non-RBA account) other than 15

an RBA for an entity. 16

(2) The Commissioner may determine that the balance of the 17

non-RBA account for the entity be transferred, in whole or in part, 18

to any RBA that has been established for the entity. 19

(3) If the Commissioner transfers an amount from a non-RBA account 20

for the entity to an RBA for the entity under subsection (2), the 21

following provisions apply in relation to each primary tax debt to 22

which the amount corresponds: 23

(a) the primary tax debt is taken to have been allocated to the 24

RBA under section 8AAZD; 25

(b) any general interest charge allocated to the non-RBA account 26

for the primary tax debt is taken to have altered the balance 27

of the RBA in the Commissioner’s favour under 28

subsection 8AAZF(2); 29

(c) any amounts of a kind mentioned in subsection 8AAZL(1) 30

allocated to the non-RBA account and applied against the 31

primary tax debt are taken to have been allocated and applied 32

under section 8AAZLA in the manner determined by the 33

Commissioner. 34

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28

131 Application—RBAs 1

The amendments of the Taxation Administration Act 1953 made by 2

items 121 to 130 apply in relation to amounts due to the 3

Commonwealth, or amounts that must be paid to an entity, regardless of 4

whether the amount became due, or was required to be paid, before, on 5

or after the commencement of this item. 6

132 Subsection 8AAZLGB(4) (note) 7

Omit “and subsection 14ZW(4)”. 8

133 Subdivision 255-C in Schedule 1 (heading) 9


Subdivision 255-C—Service of documents if person absent from 11

Australia or cannot be found 12

134 Section 255-35 in Schedule 1 13

Omit “procedural and evidentiary matters relating to proceedings to 14

recover an amount of a tax-related liability”, substitute “the service of 15

documents on people who are absent from Australia or cannot be 16

found”. 17

135 Subsection 255-40(3) in Schedule 1 18


(3) If the Commissioner, after making reasonable inquiries, is satisfied 20

that the person has an address in a foreign country, a constituent 21

part of a foreign country or a foreign territory (an overseas 22

address), the Commissioner may, without the court’s leave, serve 23

the document on the person at that overseas address in accordance 24

with an agreement between Australia and: 25

(a) a foreign country or a constituent part of a foreign country; or 26

(b) a foreign territory; 27

that deals with the service of documents on tax matters. 28

136 Sections 255-45, 255-50 and 255-55 in Schedule 1 29

Repeal the sections. 30

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29

137 Division 263 in Schedule 1 (heading) 1

Omit “collection of foreign tax debts”, substitute “the administration 2

of foreign tax laws”. 3

138 At the end of Division 263 in Schedule 1 4

Add: 5

Subdivision 263-B—Service of documents in Australia on 6

behalf of foreign revenue authorities 7

Guide to Subdivision 263-B 8

263-55 What this Subdivision is about 9

This Subdivision can be activated if there is in force an agreement 10

between Australia and a foreign country or foreign territory that 11

deals with service of documents on tax matters. 12

If a foreign government agency asks the Commissioner to serve a 13

document relating to foreign taxes on an entity in Australia in 14

accordance with the agreement, the Commissioner may serve the 15

document in the same way as a similar document under an 16

Australian taxation law may be served. 17

Table of sections 18

Operative provisions 19

263-60 Meaning of foreign service of document request 20

263-65 Service of document subject to foreign service of document request 21

Operative provisions 22

263-60 Meaning of foreign service of document request 23

A foreign service of document request is a request made to the 24

Commissioner: 25

(a) in accordance with an agreement (the international 26

agreement) between Australia and: 27

(i) a foreign country or a constituent part of a foreign 28

country; or 29

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30

(ii) a foreign territory; 1

that deals with service of documents on tax matters; and 2

(b) by a *foreign government agency; and 3

(c) for the service of one or more documents on an entity in 4

Australia in relation to taxes imposed otherwise than by an 5

*Australian law. 6

263-65 Service of document subject to foreign service of document 7

request 8

(1) If a *foreign service of document request is made to the 9

Commissioner, the Commissioner may serve a document covered 10

by the request in the same way that a similar document under a 11

*taxation law may be served. 12

(2) The Commissioner must also serve a translation of the document 13

into English, or a summary of the document in English, if: 14

(a) the document is in a language other than English; and 15

(b) the Commissioner is satisfied that the entity being served 16

would not understand the language of the document. 17

(3) Before serving a translation of the document into English, or a 18

summary of the document in English, the Commissioner must be 19

satisfied that the translation or summary is accurate. 20

139 Subparagraph 284-90(1A)(a)(iii) in Schedule 1 21

Omit “period; and”, substitute “period; or”. 22

140 At the end of paragraph 284-90(1A)(a) in Schedule 1 23

Add: 24

(iv) you are a *subsidiary member of a *consolidated group 25

and subparagraph (i) is satisfied in relation to another 26

member of the consolidated group; or 27

(v) you are a member of a *MEC group and 28

subparagraph (i) is satisfied in relation to another 29

member of the MEC group; and 30

141 Paragraph 284-90(1B)(a) in Schedule 1 31


(a) the Commissioner: 33

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31

(i) makes an assessment of your income tax for the income 1

year that includes your trigger day; or 2

(ii) if subsection (1A) applied to you in relation to your 3

trigger day only because of subparagraph (1A)(a)(iv) or 4

(v)—makes an assessment of the income tax of the 5

other member of the group referred to in that 6

subparagraph for the income year that includes your 7

trigger day; and 8

142 Subparagraph 286-80(4A)(b)(iii) in Schedule 1 9

Omit “period; and”, substitute “period; or”. 10

143 At the end of paragraph 286-80(4A)(b) in Schedule 1 11

Add: 12

(iv) the entity is a *subsidiary member of a *consolidated 13

group and subparagraph (i) is satisfied in relation to 14

another member of the consolidated group; or 15

(v) the entity is a member of a *MEC group and 16

subparagraph (i) is satisfied in relation to another 17

member of the MEC group; and 18

144 Paragraph 286-80(4B)(a) in Schedule 1 19


(a) the Commissioner: 21

(i) makes an assessment of the entity’s income tax for the 22

income year that includes that day; or 23

(ii) if subsection (4A) applied to you in relation to your 24

trigger day only because of subparagraph (4A)(b)(iv) or 25

(v)—makes an assessment of the income tax of the 26

other member of the group referred to in that 27

subparagraph for the income year that includes that day; 28

and 29

145 Application—penalty amounts for members of groups 30

(1) The amendments made by items 139, 140 and 141 apply in relation to 31

trigger days (within the meaning of paragraph 284-90(1A)(a) in 32

Schedule 1 to the Taxation Administration Act 1953) that occur on or 33

after the start of the day on which the Bill that became this Act was 34

introduced into the House of Representatives. 35

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32

(2) The amendments made by items 142, 143 and 144 apply in relation to a 1

failure to give a return, notice or other document as mentioned in 2

paragraph 286-80(4A)(a) in Schedule 1 to the Taxation Administration 3

Act 1953 if the return, notice or document was due on or after the start 4

of the day on which the Bill that became this Act was introduced into 5

the House of Representatives. 6

146 At the end of section 350-1 in Schedule 1 7

Add: 8

This Division also deals with procedural and evidentiary matters 9

relating to proceedings to recover an amount of a tax-related 10

liability. 11

147 At the end of Division 350 in Schedule 1 12

Add: 13

350-20 Certain statements or averments 14

(1) In a proceeding to recover an amount of a *tax-related liability, a 15

statement or averment about a matter in the plaintiff’s complaint, 16

claim or declaration is prima facie evidence of the matter. 17

(2) This section applies even if the matter is a mixed question of law 18

and fact. However, the statement or averment is prima facie 19

evidence of the fact only. 20

(3) This section applies even if evidence is given in support or rebuttal 21

of the matter or of any other matter. 22

(4) Any evidence given in support or rebuttal of the matter stated or 23

averred must be considered on its merits. This section does not 24

increase or diminish the credibility or probative value of the 25

evidence. 26

(5) This section does not lessen or affect any onus of proof otherwise 27

falling on a defendant. 28

350-25 Evidence by affidavit 29

In a proceeding to recover an amount of a *tax-related liability: 30

(a) a person may give evidence by affidavit; and 31

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33

(b) the court may require the person to attend before it: 1

(i) to be cross-examined on that evidence; or 2

(ii) to give other evidence relating to the proceedings. 3

148 Subsection 355-65(2) in Schedule 1 (table item 4) 4

Repeal the item, substitute: 5

6

4 the *Student Assistance Secretary is for the purpose of administering

any *Commonwealth law relating to

pensions, allowances or benefits.

4A the Secretary of the Department

administered by the Minister

administering the Fair Entitlements

Guarantee Act 2012

is for the purpose of administering

the Fair Entitlements Guarantee Act

2012.

4B the *Employment Secretary is for the purpose of administering

any *Commonwealth law relating to

pensions, allowances or benefits,

other than the Fair Entitlements

Guarantee Act 2012.

7

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Part 3—Amendments relating to instruments 1

Division 1—Amendments 2

A New Tax System (Goods and Services Tax) Act 1999 3

149 Subsection 79-100(1) 4

Omit all the words after “third party scheme for a *financial year”, 5

substitute: 6

is: 7

(a) if paragraph (b) does not apply—the same fraction as the 8

average input tax credit fraction for the scheme for the 9

preceding financial year; or 10

(b) if, under subsection (3), the Minister determines the average 11

input tax credit fraction for the scheme for the financial 12

year—that fraction. 13

Note: The average input tax credit fraction for financial years beginning on 14

or before 1 July 2006 was worked out under this section as in force 15

before the commencement of item 149 of Schedule 1 to the Treasury 16

Laws Amendment (Measures for a later sitting) Act 2019. 17

150 Subsection 79-100(2) 18


151 Subsection 79-100(3) (heading) 20


Minister to use statistical information to determine whether 22

average input tax credit fraction is to be varied 23

152 Paragraph 79-100(3)(e) 24

Omit “subparagraph (1)(c)(i)”, substitute “paragraph (1)(a)”. 25

153 Paragraph 79-100(3)(e) 26

Omit “in writing”, substitute “by legislative instrument”. 27

154 Subsection 79-100(6) 28


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155 Subsection 131-60(1) (method statement, step 3) 1

Omit “notice published in the Gazette”, substitute “instrument made”. 2

156 Subparagraph 151-45(1)(a)(i) 3


157 Paragraph 162-60(1)(a) 5


Australian Prudential Regulation Authority Act 1998 7


Omit “may give APRA a written direction”, substitute “may, by 9

legislative instrument, give APRA a direction”. 10



Banking Act 1959 13

160 Section 6A 14

Omit “notice published in the Gazette”, substitute “legislative 15

instrument”. 16

161 Section 6A 17

Omit “the notice” (wherever occurring), substitute “the instrument”. 18

162 Section 6A 19

Omit “a notice”, substitute “an instrument”. 20

Business Names Registration Act 2011 21


Omit “may give ASIC a written direction”, substitute “may, by 23

legislative instrument, give ASIC a direction”. 24


Omit “The direction is not a legislative instrument.”. 26

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36



Business Names Registration (Transitional and 3

Consequential Provisions) Act 2011 4

166 At the end of the Act 5

Add: 6

Schedule 3—Transitional provisions for the 7


for a later sitting) Act 2019 9

10

1 Transitional—directions by Minister 11

A direction given under subsection 64(1) of the Business Names 12

Registration Act 2011 that is in force immediately before the 13

commencement of items 163, 164 and 165 of Schedule 1 to the 14

Treasury Laws Amendment (Measures for a later sitting) Act 2019 15

continues in force (and may be dealt with) as if it had been given under 16

that subsection as amended by those items. 17

Census and Statistics Act 1905 18

167 Paragraph 9(1)(b) 19

Omit “by notice in writing”, substitute “by legislative instrument”. 20


Omit “the notice”, substitute “the instrument”. 22


Omit “notice published in the Gazette”, substitute “notifiable 24

instrument”. 25

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37

Commonwealth Places (Mirror Taxes) Act 1998 1


Omit “the modifications are notified in the Gazette”, substitute “the 3

instrument prescribing the modifications is registered on the Federal 4

Register of Legislation under the Legislation Act 2003”. 5



(4) The Minister must, by notifiable instrument, publish a copy of an 8

arrangement, variation or revocation under this section. 9

Export Finance and Insurance Corporation Act 1991 10



Federal Financial Relations Act 2009 13


After “The Minister must”, insert “, by notifiable instrument,”. 15



Financial Sector (Shareholdings) Act 1998 18


After “The Treasurer may”, insert “, by notifiable instrument,”. 20


Insert: 22

(1A) The instrument of approval must: 23

(a) specify the percentage of the stake the Treasurer approves the 24

applicant holding in the company (which may or may not be 25

the percentage the applicant applied for); and 26

(b) if the application is granted under paragraph (1)(a)—either: 27

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38

(i) specify the period during which the approval remains in 1

force; or 2

(ii) specify that the approval remains in force indefinitely; 3

and 4

(c) if the application is granted under paragraph (1)(b)—specify 5

that the approval remains in force for the period worked out 6

under section 15A. 7


Repeal the subsection (not including the heading), substitute: 9

(2) If the Treasurer grants the application, the Treasurer must give 10

written notice of the approval (including a copy of the instrument 11

of approval) to: 12

(a) the applicant; and 13

(b) the company concerned; and 14

(c) in the case of an approval granted under paragraph (1)(b), if 15

the company concerned is not the relevant licensed company 16

for the approval—the relevant licensed company for the 17

approval. 18




Omit “notice of approval”, substitute “instrument of approval”. 22


Omit “the Treasurer may grant the application”, substitute “the 24

Treasurer may, by notifiable instrument, grant the application by 25

amending the instrument of approval to specify the extended period 26

during which the approval remains in force (which may or may not be 27

the period the applicant applied for)”. 28



(5) If the Treasurer grants the application, the Treasurer must give 31

written notice of the extension (including a copy of the instrument 32

made under subsection (4)) to: 33


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39

(b) the financial sector company concerned. 1




Omit all the words after “the Treasurer”, substitute: 5

must: 6

(a) by notifiable instrument, publish notice of the cessation of 7

the approval; and 8

(b) give written notice of the cessation to the financial sector 9

company concerned. 10




Omit “by written notice given to a person who holds an approval under 14

section 14”, substitute “by notifiable instrument, amend an instrument 15

of approval under section 14 to”. 16


Omit “impose”, substitute “specify”. 18

187 Subparagraph 16(2)(b)(i) 19

Repeal the subparagraph. 20

188 Subparagraph 16(2)(b)(ii) 21



Insert: 24

(2A) If, because of an approval under section 14, another approval is 25

taken to be in force under section 19 or 19A, the other approval is 26

subject to such conditions (if any) as: 27

(a) are specified in the instrument of approval under section 14; 28

and 29

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40

(b) are expressed to apply to approvals taken to be in force under 1

section 19 or 19A. 2



(6) If the Treasurer makes an amendment under subsection (2), the 5

Treasurer must give written notice of the amendment (including a 6

copy of the instrument made under that subsection) to: 7

(a) the person who holds the approval; and 8



Omit “the Treasurer may grant the application”, substitute “the 11

Treasurer may, by notifiable instrument, grant the application by 12

varying the percentage specified in the approval (which may or may not 13

be the percentage the applicant applied for)”. 14




Omit “written notice given to a person who holds an approval under 18

section 14”, substitute “notifiable instrument”. 19


Omit “the approval”, substitute “an instrument of approval under 21

subsection 14(1)”. 22


Omit “the notice of variation is given”, substitute “the instrument under 24

subsection (3) or (6) is registered on the Federal Register of Legislation 25

under the Legislation Act 2003”. 26


Omit “notice of variation”, substitute “instrument under subsection (3) 28

or (6)”. 29

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41


Omit “the day on which the notice is given”, substitute “the day the 2

instrument is registered on the Federal Register of Legislation under the 3

Legislation Act 2003”. 4



(9) If the Treasurer makes a variation under this section, the Treasurer 7

must give written notice of the variation (including a copy of the 8

instrument made under subsection (3) or (6)) to: 9




Omit “by written notice given to a person who holds an approval under 13

section 14 in relation to a financial sector company, revoke the 14

approval”, substitute “by notifiable instrument, revoke an approval that 15

a person holds under section 14 in relation to a financial sector 16

company”. 17


Omit “notice of revocation”, substitute “instrument of revocation”. 19


Omit “the day on which the notice is given”, substitute “the day the 21

instrument is registered on the Federal Register of Legislation under the 22



Omit “written notice given to the person”, substitute “notifiable 25

instrument”. 26


Omit “The revocation takes effect on the day specified in the notice of 28

revocation.”. 29



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42

(4) If the Treasurer revokes an approval under this section, the 1

Treasurer must give written notice of the revocation (including a 2

copy of the instrument made under subsection (1) or (3)) to: 3

(a) the person who held the approval; and 4


Fringe Benefits Tax Assessment Act 1986 6


Omit “notice in writing in the Gazette”, substitute “legislative 8

instrument”. 9


206 Subsection 6(1) (definition of Commonwealth securities) 11

Repeal the definition. 12



(4) Subsection 12(2) (retrospective commencement of legislative 15

instruments) of the Legislation Act 2003 does not apply to 16

regulations made for the purposes of subsection (2) or (3) of this 17

section. 18

208 Paragraph 82SA(5)(b) 19

Omit “Commonwealth securities”, substitute “securities issued under an 20

Act”. 21


After “apply”, insert “, in the approved form,”. 23



211 Subsection 128AE(2) 26


instrument”. 28

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43

212 Subsection 128AE(2AA) 1

Omit “make a written determination”, substitute “determine, by 2

notifiable instrument,”. 3

213 After subsection 128AE(2AC) 4

Insert: 5

(2ACA) A determination under subsection (2AA) that a company is an 6

OBU and a declaration under subsection (2), for the purposes of 7

paragraph (2)(f), that the company is an offshore banking unit for 8

the purposes of this Division may be included in the same 9

instrument. 10

214 Subsection 128AE(2A) 11

Omit “may declare, by notice published in the Gazette,”, substitute 12

“may, by notifiable instrument, declare”. 13

215 Subsection 128AE(2C) 14

Omit “must declare, by notice published in the Gazette,”, substitute 15

“must, by notifiable instrument, declare”. 16

216 Subsection 128AE(3) 17

Omit “the notice containing the declaration is published in the Gazette”, 18

substitute “the declaration is registered on the Federal Register of 19

Legislation under the Legislation Act 2003”. 20

217 Section 130 21


130 Commissioner may require master or agent to make return 23

(1) The Commissioner may, by writing, require: 24

(a) the master of a particular ship to which section 129 applies, 25

or the agent or other representative in Australia of the owner 26

or charterer of the ship; or 27

(b) the master of a ship included in a class of ships to which 28

section 129 applies, or the agent or other representative in 29

Australia of the owner or charterer of the ship; 30

to make a return of the amounts so paid or payable. 31

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44

(2) An instrument under subsection (1) that applies to the master of a 1

particular ship, or the agent or other representative in Australia of 2

the owner or charterer of a particular ship: 3

(a) must be given to the master, agent or representative; and 4

(b) is not a legislative instrument. 5

(3) Otherwise, an instrument under subsection (1) is a legislative 6

instrument. 7

218 Paragraph 160ZZZC(a) 8

Omit “published”, substitute “made”. 9



instrument”. 12


Omit “the notice”, substitute “the instrument”. 14

221 Subsection 161(1A) 15

Omit “in the notice”, substitute “in the instrument”. 16

222 Section 202A (definition of unit trust) 17

Omit “, by notice published in the Gazette,” (wherever occurring), 18

substitute “under section 202AB”. 19

223 At the end of Division 1 of Part VA 20

Add: 21

202AB Declaration that an arrangement is, or is not, a unit trust 22

The Minister may, by legislative instrument, declare that an 23

arrangement is, or is not, a unit trust for the purposes of the 24

definition of that term in section 202A. 25

224 Subsections 202B(3) and (4) 26

Repeal the subsections. 27

225 Subsection 202CA(3) 28

After “The Commissioner may”, insert “, by legislative instrument,”. 29

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45

226 Subsection 202CA(4) 1


227 Subsection 202EH(1) 3

Omit “(1) The Commissioner may direct”, substitute “The 4

Commissioner may, by legislative instrument, direct”. 5

228 Subsections 202EH(2) and (3) 6


229 Paragraph 202F(1)(f) 8

Repeal the paragraph. 9

230 Division 7 of Part VA 10

Repeal the Division. 11


231 Subsection 30-85(2) 13

Omit “by notice in the Gazette”, substitute “by legislative instrument”. 14

232 Paragraph 30-85(2)(b) 15


(b) is solely for the relief of people in a country that: 17

(i) is included in the list of official development assistance 18

recipients published from time to time by the 19

Organisation for Economic Co-operation and 20

Development’s Development Assistance Committee; or 21

(ii) is declared by the Foreign Affairs Minister to be a 22

developing country. 23

Note: In 2019, the list of official development assistance recipients was 24

available on the OECD’s website (http://www.oecd.org). 25

233 Subsections 30-85(3) and (4) 26

Repeal the subsections, substitute: 27

(3) A declaration made by the Minister under subsection (2) must not 28

take effect earlier than the day after it is registered on the Federal 29

Register of Legislation under the Legislation Act 2003. 30

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46

(4) The Minister may, by legislative instrument, revoke a declaration 1

made by the Minister under subsection (2). The revocation must 2

not take effect earlier than the day after the instrument is registered 3

on the Federal Register of Legislation under the Legislation Act 4

2003. 5

234 Subsections 30-86(2) and (3) 6


(2) The Minister’s recognition of an event as a disaster: 8

(a) must be by notifiable instrument; and 9

(b) must specify the day (or the first day) of the event. 10

235 Subsection 214-5(2) 11


(2) The Commissioner is able to make a legislative instrument 13

requiring corporate tax entities to give a franking return for an 14

income year. 15

236 Subsection 214-5(6) 16

Omit “Tax Administration Act 1953”, substitute “Taxation 17

Administration Act 1953”. 18

237 Section 214-15 19


214-15 Requirement to give franking return—general 21

(1) The Commissioner may, by legislative instrument, require each 22

*corporate tax entity to which the instrument applies to give the 23

Commissioner a *franking return for a specified income year. 24

(2) An entity to which the instrument applies must comply with the 25

requirement within the time specified in the instrument. 26

Note: The Commissioner may defer the time for giving the return: see 27

section 388-55 in Schedule 1 to the Taxation Administration Act 1953. 28

238 At the end of subsection 820-960(1A) 29

Add: 30

Note: For exemptions, see section 820-962. 31

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47

239 Subsections 820-960(4) and (5) 1


240 After section 820-960 3

Insert: 4

820-962 Records about Australian permanent establishments—5

exemptions from Australian accounting standards 6

General exemption 7

(1) The Commissioner may, by legislative instrument, exempt, for the 8

purposes of subsection 820-960(1A), a specified class of entities 9

from the requirement to comply with all or part of the *accounting 10

standards for one or more income years if the Commissioner is 11

satisfied that it would be unreasonable for the entities in that class 12

be required to so comply. 13

Note: The Commissioner’s power under this subsection does not extend to 14

the overseas or international accounting standards. 15

Application for specific exemption 16

(2) An entity (the applicant) may apply to the Commissioner, in the 17

*approved form, for an exemption from the requirement to comply 18

with all or part of the *accounting standards for one or more 19

income years for the purposes of subsection 820-960(1A). 20

(3) The Commissioner may grant the exemption in whole or in part if 21

the Commissioner is satisfied that it would be unreasonable for the 22

applicant to be required to so comply. 23

Note: The Commissioner’s power under this subsection does not extend to 24

the overseas or international accounting standards. 25

(4) The Commissioner must give the applicant written notice if the 26

Commissioner: 27

(a) grants the exemption; or 28

(b) refuses to grant the exemption. 29

(5) The Commissioner is taken to have refused to grant the exemption 30

if the Commissioner fails to give the applicant a notice under 31

subsection (4) within 60 days after the application is made. 32

(6) A notice under subsection (4) is not a legislative instrument. 33

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48

241 Section 820-965 1

Omit “subsection 820-960(4)”, substitute “subsection 820-962(3)”. 2

242 Paragraphs 820-990(1)(a) and 820-995(1)(a) 3

After “820-960”, insert “, 820-962”. 4

Insurance Acquisitions and Takeovers Act 1991 5

243 Section 43 6

After “the Minister may”, insert “, by notifiable instrument,”. 7


After “purposes,” insert “by notifiable instrument,”. 9


Insert: 11

(1A) An approval of a person or persons under paragraph (1)(c): 12

(a) is a notifiable instrument; and 13

(b) may be included in the same instrument as the divestment 14

order. 15


Omit “notice in writing served on the person”, substitute “notifiable 17

instrument”. 18

247 Section 46 19


248 Section 47 21


47 When orders come into operation 23

(1) A permanent restraining order comes into operation on the day 24

specified in the order, which must not be before the order is 25

registered on the Federal Register of Legislation under the 26

Legislation Act 2003. 27

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49

(2) A divestment order comes into operation on the day specified in 1

the order, which must be at least 30 days after the order is 2





instrument”. 7

250 Section 57 8

After “the Minister may”, insert “, by notifiable instrument,”. 9


After “purposes,” insert “by notifiable instrument,”. 11



253 Section 60 14


254 Subsections 61(1) and (2) 16


(1) A permanent restraining order comes into operation on the day 18

specified in the order, which must not be before the order is 19



(2) A divestment order comes into operation on the day specified in 22

the order, which must be at least 30 days after the order is 23





instrument”. 28

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50

Insurance Contracts Act 1984 1


Omit “notified in the Gazette”, substitute “registered on the Federal 3

Register of Legislation under the Legislation Act 2003”. 4

International Tax Agreements Act 1953 5


Omit “must cause to be published in the Gazette a notice setting out 7

particulars of the event”, substitute “must, by notifiable instrument, 8

publish particulars of the event”. 9

Payment Systems and Netting Act 1998 10


Omit “may declare in writing”, substitute “may, by notifiable 12

instrument, declare”. 13


Omit “after the declaration is made”, substitute “after the day the 15

declaration is registered on the Federal Register of Legislation under the 16


260 Paragraphs 15(2)(b) and (c) 18


(b) ceases to have effect at the end of 6 months after the day it is 20

registered. 21

Payment Systems (Regulation) Act 1998 22


Omit “notice in writing published in the Gazette”, substitute “legislative 24

instrument”. 25


After “The Reserve Bank may”, insert “, by notifiable instrument,”. 27

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51


Omit “The designation is to be by notice in writing published in the 2

Gazette.”. 3

264 At the end of subsection 11(2) 4

Add: 5

Note: For variation and revocation, see subsection 33(3) of the Acts 6

Interpretation Act 1901. 7




After “The Reserve Bank may”, insert “, by legislative instrument,”. 11



268 Paragraph 13(a) 14


(a) comes into force on the day specified in the instrument 16

imposing the regime under section 12, which must not be 17

earlier than the day after the instrument is registered on the 18

Federal Register of Legislation under the Legislation Act 19

2003; and 20



270 Subsections 14(2), (3) and (4) 23




(7) A variation of the access regime takes effect on the day specified in 27

the instrument, which must not be earlier than the day after the 28

instrument is registered on the Federal Register of Legislation 29

under the Legislation Act 2003. 30

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52







(7) The revocation of the access regime takes effect on the day 7

specified in the instrument, which must not be earlier than the day 8

after the instrument is registered on the Federal Register of 9

Legislation under the Legislation Act 2003. 10


Omit “in writing”, substitute “by legislative instrument”. 12

276 Subsection 18(1) (note) 13

Omit “Note”, substitute “Note 1”. 14

277 At the end of subsection 18(1) 15

Add: 16

Note 2: For variation and revocation, see subsection 33(3) of the Acts 17

Interpretation Act 1901. 18



(a) comes into force on the day specified in the determination, 21

which must not be earlier than the day after the determination 22

is registered on the Federal Register of Legislation under the 23

Legislation Act 2003; and 24

279 Subsections 18(3), (4) and (5) 25



After “The Reserve Bank may”, insert “, by notifiable instrument,”. 28



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53


Omit “by notice in writing given to the corporation”, substitute “by 2

notifiable instrument”. 3



(a) comes into force on the day specified in the authority, which 6

must not be earlier than the day after the authority is 7




Omit “may revoke the authority by notice in writing to the corporation”, 11

substitute “may, by notifiable instrument, revoke the authority”. 12




Omit “notice in writing given to the corporation”, substitute “notifiable 16

instrument”. 17


Omit “notice in writing published in the Gazette”, substitute “legislative 19

instrument”. 20



(a) comes into force on the day specified in the instrument, 23

which must not be earlier than the day after the instrument is 24



289 Subsections 25(6), (7) and (8) 27


290 Section 27 29

Omit “in writing”, substitute “by notifiable instrument”. 30

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54

291 Section 28 1



Omit all the words after “the Reserve Bank”, substitute “must take 4

reasonable steps to ensure that the participants in the payment system 5

concerned are informed of the action”. 6


Omit all the words after “an access regime, the Reserve Bank”, 8

substitute “must take reasonable steps to ensure that any participants in 9

the payment system concerned are informed of the revocation”. 10

294 Section 30 11


Petroleum Excise (Prices) Act 1987 13



instrument”. 16

Reserve Bank Act 1959 17

296 Section 6A 18


instrument”. 20

297 Section 6A 21

Omit “the notice” (wherever occurring), substitute “the instrument”. 22

298 Section 6A 23

Omit “a notice”, substitute “an instrument”. 24

299 Section 35 25

Omit “the Treasurer, by instrument in writing published in the Gazette, 26

determines”, substitute “the Treasurer determines by legislative 27

instrument”. 28

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55

Tax Agent Services Act 2009 1


Omit “in the Gazette”, substitute “by notifiable instrument”. 3

301 Subsection 40-20(1) (note 2) 4

Omit “in the Gazette”, substitute “by notifiable instrument”. 5

302 Paragraphs 50-10(1)(e) and (2)(e) 6

Omit “approved by the Commissioner by notice published in the 7

Gazette”, substitute “that the Commissioner has, by notifiable 8

instrument, approved for the purposes of this paragraph”. 9

303 Subsection 50-10(5) 10


304 Section 60-140 12

Omit “must cause a notice of the following decisions to be published in 13

the Gazette”, substitute “must, by notifiable instrument, publish notice 14

of the following decisions”. 15

Taxation Administration Act 1953 16



(3) A variation must be made: 19

(a) if it applies to a particular entity—by a written notice given 20

to that entity; or 21

(b) if it applies to a class of entities—by legislative instrument. 22


After “the Commissioner may”, insert “, by legislative instrument,”. 24

307 Subsections 15-25(3), (4) and (5) in Schedule 1 25




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56

(7) A variation must be made: 1






(2) An exemption must be made: 7




310 Paragraph 45-90(1)(b) in Schedule 1 11

Omit “by notice published in the Gazette”, substitute “by legislative 12

instrument”. 13

311 Subsection 350-10(1) in Schedule 1 (at the end of the 14

table) 15

Add: 16

17

5 a *public ruling or *private ruling; the ruling was properly made.

312 Section 357-100 in Schedule 1 18



Omit “must publish notice of the making of a *public ruling in the 21

Gazette”, substitute “must, by notifiable instrument, publish notice of 22

the making of a *public ruling”. 23


After “The Commissioner may”, insert “, by notifiable instrument,”. 25


Omit “, by publishing notice of the withdrawal”. 27

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57


Omit “the notice. That time must not be before the time the notice is 2

published”, substitute “the instrument. That time must not be before the 3

day after the instrument is registered on the Federal Register of 4





Omit “must publish notice of the making of a *public ruling in the 9

Gazette”, substitute “must, by notifiable instrument, publish notice of 10

the making of a *public ruling”. 11


After “Science Australia must”, insert “, by notifiable instrument,”. 13


Omit “, by publishing notice of the withdrawal,”. 15


Omit “the notice. That time must not be before the time the notice is 17

published”, substitute “the instrument. That time must not be before the 18

day after the instrument is registered on the Federal Register of 19




323 Subsection 446-5(5) in Schedule 1 (heading) 23

Omit “in Gazette”, substitute “by notifiable instrument”. 24


Omit “the Commissioner must cause to be published in the Gazette a 26

notice setting out”, substitute “the Commissioner must, by notifiable 27

instrument, publish notice of the making of the resolution. The 28

instrument must also set out”. 29

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58

Terrorism Insurance Act 2003 1


Omit “notice in the Gazette”, substitute “legislative instrument”. 3


Omit “may give written directions to the Corporation”, substitute “may, 5

by notifiable instrument, direct the Corporation”. 6



Division 2—Application and transitional provisions 9

328 Transitional—general provision to preserve existing 10

instruments 11

(1) Subitem (2) applies to an instrument (however described) made under, 12

or for the purposes of, a provision amended by an item of this Part if: 13

(a) the instrument was in force immediately before the 14

commencement of this Part; and 15

(b) the provision, as amended, provides for the same instrument, 16

or a similar instrument, to be made as a notifiable instrument 17

or a legislative instrument; and 18

(c) item 329 does not apply to the instrument. 19

(2) The instrument continues in force (and may be dealt with) as if it had 20

been made under, or for the purposes of, the provision as amended. 21

329 Transitional—other instruments 22

(1) An approval under section 14 of the Financial Sector (Shareholdings) 23

Act 1998 and in force immediately before the commencement of this 24

Part continues in force (and may be dealt with) as if it were an approval 25

under that section as amended by this Part. 26

(2) A notice given under section 130 of the Income Tax Assessment Act 27

1936 to a particular person and in force immediately before the 28

commencement of this Part continues in force (and may be dealt with) 29

as if it were a notice under subsection 130(2) of that Act as amended by 30

this Part. 31

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(3) A declaration made under the definition of unit trust in section 202A of 1

the Income Tax Assessment Act 1936 and in force immediately before 2

the commencement of this Part continues in force (and may be dealt 3

with) as if it were a declaration under section 202AB of that Act as 4

inserted by this Part. 5

(4) A decision made under subsection 820-960(4) of the Income Tax 6

Assessment Act 1997 and in force immediately before the 7


as if it were: 9

(a) for a decision that applies to a particular entity—an 10

exemption under subsection 820-962(3) of that Act as 11

inserted by this Part; or 12

(b) otherwise—an exemption under subsection 820-962(1) of 13

that Act as inserted by this Part. 14

(5) A variation made under section 15-15 in Schedule 1 to the Taxation 15

Administration Act 1953 and in force immediately before the 16


as if it were: 18

(a) for a variation made by written notice to a particular entity—19

a variation made by notice under paragraph 15-15(3)(a) in 20

that Schedule as substituted by this Part; or 21

(b) otherwise—a variation made by legislative instrument under 22

paragraph 15-15(3)(b) in that Schedule as substituted by this 23

Part. 24

(6) A variation made under subsection 16-153(6) in Schedule 1 to the 25

Taxation Administration Act 1953 and in force immediately before the 26


as if it were: 28

(a) for a variation made by written notice to a particular entity—29

a variation made by notice under paragraph 16-153(7)(a) in 30

that Schedule as substituted by this Part; or 31

(b) otherwise—a variation made by legislative instrument under 32

paragraph 16-153(7)(b) in that Schedule as substituted by this 33

Part. 34

(7) An exemption made under section 16-180 in Schedule 1 to the Taxation 35

Administration Act 1953 and in force immediately before the 36


as if it were: 38

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60

(a) for an exemption made by written notice to a particular 1

entity—an exemption made by notice under 2

paragraph 16-180(2)(a) in that Schedule as substituted by this 3

Part; or 4

(b) otherwise—an exemption made by legislative instrument 5

under paragraph 16-180(2)(b) in that Schedule as substituted 6

by this Part. 7

(8) Item 328 does not apply to a direction given under subsection 64(1) of 8

the Business Names Registration Act 2011. 9

Note: For a transitional provision for directions given under subsection 64(1) of the Business 10

Names Registration Act 2011, see item 166 of this Schedule. 11

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